The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-01-01
The City's Bank Clearances Aggregate Over
Twenty-Five Million Dollars More than
in the Previous Year.
Substantial Evidences of the Upward
Tendency of the Real Estate Market.
A Marked Improvement in Manufacturing
Interests. and Large Increase in the Vol
ume of the Wholesale and Retail Trade.
REVIEW OF THE YEARS BUSINESS.
Remarkable Prosperity in All Branches of
Trade In Indianapolis.

Remarkable Prosperity in All Branches of
Trade In Indianapolis.
In taking an account of the old years affairs,
there is considerable to the credit of Indianapo-
Lis There were some dubious happenings dur
ing the first two months, which enabled the
croaker to spin forebodings until the impressl-
BILE were ready to give the city the cold shoulder
Looking back these few months one would like
to know when the series of predicted bank fail
ures had chance to come in after the Rit-
Finger assignment. Many unreasonable NOR
tals about that time daily predicted a gen.
erai crash, and there is no doubt one
or two concerns suffered materially from this
careless gossip But affairs 60 by contrares,
and instead of repeated wrecklngs of large
financial interests, there appeared early in
March something like restored confidence 1t
was slight at first, much so that even a small
loss would have put every one in the dumps
Real estate groaned under heavy tax valuation
and the hope that the new sexennial assessment
would be made on lower values stre'gthened
expectations Of at least improved condition
in that ksss. Manufactures had little to boast
of, and il proprietor said he believed
better times ahead he could find little on
which to base it. Jobbers had spasmodic chances
at something like iiveness of trade, but they
would come and go at disturbing intervals OF
greater or less length Retail dealers would not
dare to do more than keep even with the actual
demand. Yet everybody thought there was sub
stance in the promise OF early improvement.
After awhile no scary about additional
bank failures. Although money close. it
could be had, and while many small assignments
were made they had no significance beyond their
frequency and nearness to each other. There is
q stock term called rock bottom, and it seemed
Just at this period of the year that Indianapolis
business operations had reached it.
Whatever appeared to mark the upper ten
dency had nothing Of the boom about it. Along
came the assessors sexennial appraisenzent at
greatly reduced real estate values. It had a
marked effect in Strengthening that market 1t
did not do it all at once, but little by little the
improvement in marketable values, the increase
of money seeking real estate Investment and the
Snlarging of demand for substantial property
grew to a prosperous condition. There is a
million dollars in the city to day waiting to go
Into real estate" said well-informed gentle
man. "It is an unmistakable sign of the years
blessings" remarked another, this demand for
business property One of the best-known best
ness cites on East Washington street could have
been sold the other day for $4,000. The owner
Is holding it for a higher price, and he will get
It. There is corner not far away that is badly
wanted and the agent of the property was told
to fix his own price. He said it was not for sale.
On South Meridian street the demand for prop
srty is growing. A building the other day-that
on the west side Immediately south of the first
alley from Washington street-was bought by
the Rev. n A. Hyde for $28. 600. A few months
ago property there was seeking purchasers and
none could be had"
The manufactures that Jagged in the early
spring have gone through the same graduation of
prosperous Influences. Large shipments" said
q gentleman on this point, have Como abroad.
products into limited territorities with occa
sional shipments abroad. have enjoyed won.
derful increase in this branch of their
business. We send wheels to Great Britain
machinery to Australia and New Zealand, and
iron work not only into every State of the Union
but into nearly all the South American states
The greater part of this trade has been procured
within the past few months"
There is not man whose opinion is worth
anything that will not tell you that Indianapolis
has recovered wonderfully and speedily from 8
depression that at time seemed to have
no end. All of this prosperity, too
is known to be of the honest ant
continuous kind, with promises that will one,
more give the place the first rank among inlant
cities Money, the great factor. is abundant
and. under this benign influence everybody il
locking for still better trade; still greater pro
ductiveness, manufactures ard largely increase,
building operations. There have been spurts a
strikes. but none became serious, and it is re
ported that dissatisfaction exists among AM
of the workmen. Indianapolis begins new rec
ord with everything to promise excellent show
lnRs In all branches of trade, commerce and in
dustry at the end of 1887
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